INVESTOR ALERT: Class Action Lawsuit Against BancorpSouth, Inc. Announced by Law Offices of Howard G. Smith
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Middle District of Tennessee on behalf of purchasers of the securities of BancorpSouth, Inc. (“BancorpSouth” or the “Company”) (NYSE:BXS) between January 8, 2014 and July 21, 2014, inclusive (the “Class Period”).
BancorpSouth operates as a financial holding company for BancorpSouth Bank, which provides commercial banking and financial services to individuals and small-to-medium size businesses. The Complaint alleges that:
- BancorpSouth’s credit practices violated Bank Secrecy Act and federal anti-money-laundering programs.
- The Company’s lending practices were not in compliance with Consumer Financial Protection Bureau regulations.
- BancorpSouth’s financial statements were materially false and misleading.
- Regulatory scrutiny into BancorpSouth’s lending practices could jeopardize the Company’s planned mergers with Louisiana-based Ouachita Bancshares Corp. and Texas-based Central Community Corporation.
On July 21, 2014, BancorpSouth announced that “federal bank regulators have identified concerns during the course of routine supervisory activities regarding the Company’s procedures, systems and processes related to certain of its compliance programs, including its Bank Secrecy Act and anti-money-laundering programs. In addition, the Consumer Financial Protection Bureau currently is conducting a review of the Company’s fair lending practices.” Following this news, BancorpSouth shares dropped more than 8%, or $1.90 per share, on extremely heavy volume, to close at $21.51 on July 22, 2014.
If you are a member of the Class described above, you have until September 29, 2014, to move the Court to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.